Ghana’s record-breaking gold exports from small-scale miners are drawing calls for urgent transparency amid fears of legitimizing illegal mining.
Finance Minister Cassiel Ato Forson revealed in the 2025 Mid-Year Budget that small-scale sector exports hit 51.5 tonnes (valued at US$5 billion) in H1 2025 doubling 2024’s volume and surpassing large-scale mining for the first time.
While Forson credited the Ghana Gold Board (GoldBod) for this growth since its April 2025 launch, stakeholders warn the surge risks fueling galamsey (illegal mining) without verifiable sourcing.
Key Concerns Raised:
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Traceability Gaps: Natural Resource Governance Institute’s Denis Gyeyir demands GoldBod clarify certification processes for gold entering reserves, stating: “We might end up having to answer questions internationally… if verification isn’t taken seriously.”
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Environmental Threats: Unverified sourcing could link reserves to poisoned rivers and devastated farmlands.
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Regulatory Pressure: GoldBod faces demands for real-time audits and proof that exports don’t indirectly fund illegal operations.
Contradictory Impacts:
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GoldBod’s reforms boosted exports, strengthening cedi stability through gold-backed reserves.
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Yet the 180% value surge creates perverse incentives: illegal miners may exploit weak traceability to “launder” galamsey gold via formal channels.
Gyeyir emphasized: “There shouldn’t be a way galamsey gold enters GoldBod… We’re risking environmental destruction to shore up the cedi.” The Board has not yet disclosed sourcing verification protocols.